U.S. Economy Grows 4 Percent in Second Quarter

kim kardashian

After a harsh winter, the United States economy grew 4 percent in its second quarter, April to June, the Commerce Department said Wednesday, July 30.

According to the Associated Press, the growth mainly came from strong consumer and business spending. In its first estimate, the government expected strong figures in personal consumption spending, exports and private inventory investment.

The New York Times reported that the growth exceeded economists’ estimation and strengthened their thoughts that the first-quarter GDP’s 2.1 percent drop was due to harsh winter weather.

“The really ugly GDP report for the first quarter was likely the result of mostly one-off events,” Bob Baur, chief global economist for Principal Global Investors, said before the data was released.

Douglas Handler, chief United States economist for IHS Global Insight Analysis, agreed with Baur and said one-off events have lasting effects rather than only short-term impacts on the economy.

“If you go to a restaurant every week and couldn’t this year because of the snow, you’re not going to now go out twice a week or order two dinners,” Handler said. “That GDP will be permanently lost.”

Photo Credit: Commerce Department

 

 

 

 

Have a tip we should know? tips@rhd.news

Uncategorized

Most Read

  1. News
    Pandora Papers Financial Leak Shows Us the Secrets of the World’s Rich and Powerful
    3 years ago
  2. Health
    US Supreme Court Rejects J & J TALC Cancer Case Appeal
    3 years ago
  3. Lifestyle
    9 Habits that Drain your Daily Focus and How to Avoid Them
    3 years ago
  4. BUSINESS
    Women’s Demand for Shapewear – the big Trends
    3 years ago
  5. BUSINESS
    Valentino Launches its Cosmetics Line
    3 years ago
  6. Health
    US Promises to Share 60 million Doses of AstraZeneca Vaccines
    3 years ago
  7. Health
    UK Offers Aid Amid Surging COVID-19 Cases in India
    3 years ago
  8. Sports
    Thousands of fans welcome Charlton funeral cortege at Old Trafford
    5 months ago
  9. News
    Brit left fighting for life after train derails in Argentinia
    5 months ago
  10. BUSINESS
    Dubai faces down airline rivals with $50 bln jet orders
    5 months ago
  11. Sunak
    UK’s Sunak brings back Cameron, sacks Braverman
    5 months ago
  12. Sports
    Man United’s Hojlund, Eriksen withdrawn from Denmark team duty
    5 months ago
  13. Health
    Autumn Sneezing Syndrome is on the rise… here’s what you can do
    5 months ago
  14. Canada
    Canada beat Italy to win Billie Jean King Cup for first time
    5 months ago

Follow @rushhourdaily: